Congressman William Lacy Clay (D-District 1) has signed on as a cosponsor to H.R. 688, the Credit Union Small Business Jobs Creation Act. He is the first cosponsor on this bill from Missouri, and also supported the member business lending (MBL) bill introduced in the last Congress.
Federal lawmakers have introduced three bills in the U.S. House of Representatives that would impact credit unions . The bills, introduced between February 14 and 15, deal with member business lending, supplemental capital, and privacy notification requirements.
The new member business lending bill (MBL) is. H.R. 688 and was introduced by U.S. Rep. Ed Royce (R-CA)on February 14 . It would lift the credit union member business lending cap to 27.5% of assets, from the current 12.25%.
In a major setback for the bank lobby, S. 3637, the banks’ Transaction Account Guarantee Program (TAG) bill, has died in the U.S. Senate. By a vote of 50-42 on December 13, Senators voted against an effort to waive a Budget Point of Order for TAG. A vote of 60 was needed to overcome the point of order and take a vote on the bill itself. Missouri’s U.S. Senators split on the issue, with U.S. Sen. Claire McCaskill (D) voting in support and U.S. Sen. Roy Blunt (R) voting against.
Nine Missouri credit union representatives joined more than 500 credit union advocates and small business owners from across the country for National Hike the Hill on November 27-28 to make a final in-person grassroots push the for credit union member business lending legislation. Missouri participants included two business owners and a credit union lending officer to share the member business lending story.
Credit unions are in the final push to pass member business lending legislation in the U.S. Senate and House, and bankers are again targeting U.S. Senate offices to oppose the measure. U.S. Senate bill S. 2231, the Credit Union Small Business Jobs Bill and U.S. House bill H.R. 1418, the Small Business Lending Enhancement Act, would raise the credit union member business lending limit from 12.25% to 27.5% of assets.
In Missouri and across the country, credit unions are focusing on the final push to pass member business lending (MBL) legislation. Time is running out and all efforts are needed. If member business lending is not passed by the end of the year, MBL will have to be reintroduced when the new Congress takes office and the process must start all over again.
Cosponsors Grow After Missouri Credit Unions Hike the Hill
Missouri cosponsors to key bills affecting credit unions grew after Missouri credit union representatives make visits to Capitol Hill. Lawmakers added their names to several bills impacting credit unions.